Sheehan & Company

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Sheehan & Company Sheehan & Co. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise.

Sheehan & Company, CPA, PC helps clients solve difficult financial, tax and audit problems and increase profitability by working as their Accounting partner in all financial matters through a long-term relationship. has the reputation in the NY metropolitan area for delivering superior tailored professional services with Manhattan-level expertise at reasonable, Long Island prices. Our focus is solely on the measurable, continuous success of our clients. We retain clients because of exceptional partner involvement, timely service, and operational excellence driven by old fashioned core values of integrity, quality, professionalism and proactive involvement in our clients’ lives and businesses. culture is described by our employees as family-oriented and focused as much on the development of the professional as we are on the developmental success of the client. Leadership is every employee’s responsibility and we expect our people to be leaders in the profession and the community. We care at the heart about the personal relationships we form with each client and how they interact with their advisors to receive expert industry specific guidance in solving problems and increasing profitability. We believe the “client experience” matters.

Gifting interests in a closely held business or family limited partnership can reduce your taxable estate. But valuation...
10/28/2026

Gifting interests in a closely held business or family limited partnership can reduce your taxable estate. But valuation disputes with the IRS may lead to unexpected gift taxes, interest and penalties. A defined-value gift can help manage this risk by transferring an interest worth a fixed dollar amount rather than a set ownership percentage. If the IRS adjusts the asset’s value, a properly drafted formula clause adjusts the percentage transferred. Precise wording and qualified appraisals are essential. Contact us for help determining if a defined-value gift may be right for your situation.

Roth IRAs debuted in 1998, but the difference between them and traditional IRAs can still cause confusion. Traditional I...
10/27/2026

Roth IRAs debuted in 1998, but the difference between them and traditional IRAs can still cause confusion. Traditional IRA contributions are often tax deductible. Withdrawals, however, are usually taxable and may trigger a 10% penalty before age 59½. Roth contributions aren’t deductible, but you can withdraw them tax- and penalty-free any time. And withdrawals of Roth earnings are typically tax-free if you’re age 59½ or older. Traditional IRAs require minimum distributions starting at age 73 (75 if you were born in 1960 or later). Roth IRA owners have no required withdrawals during their lifetimes. Contact us to discuss the best ways for you to save for retirement.

In business, the accounting cycle is used to record, organize and summarize financial activity for a specific period. It...
10/27/2026

In business, the accounting cycle is used to record, organize and summarize financial activity for a specific period. It’s designed to produce accurate data so owners can better understand performance, manage cash flow effectively and make viable plans. Although the level of detail can vary, you should usually follow these six steps: 1) Gather source documents, 2) post transactions to your general ledger, 3) generate a trial balance, 4) adjust the general ledger, 5) prepare financial statements, and 6) close the books. Be sure to document who performs each step. Contact us for help developing easy-to-follow procedures.

How profitable was your business this year? Reliable insight into profitability requires careful attention to accrued ex...
10/26/2026

How profitable was your business this year? Reliable insight into profitability requires careful attention to accrued expenses. These are costs your business has incurred but hasn’t yet paid. Under GAAP, you generally must record them in the period they arise to match expenses with related revenue. Common examples include payroll, employee benefits, taxes, interest, utilities and professional fees. A consistent closing process helps you identify unpaid obligations, avoid overstating profits and give lenders, investors and other financial statement users a clearer picture of your business’s performance. Contact us for guidance on reporting accrued expenses in the proper period.

Helping your children, grandchildren or other loved ones obtain a quality education can be one of the most meaningful wa...
10/25/2026

Helping your children, grandchildren or other loved ones obtain a quality education can be one of the most meaningful ways to pass on your wealth. By establishing an irrevocable family education trust, you can set aside assets for children, grandchildren and other loved ones while specifying how funds will be used. The trust can also own one or more 529 plans, combining flexible estate planning with tax-advantaged educational savings. A properly structured trust may even reduce your taxable estate by removing assets and future appreciation. However, gift and generation-skipping transfer taxes may apply. Contact us to discuss whether a family education trust belongs in your estate plan.

Renewing your business’s employee health plan requires a close look at both cost and coverage. Employers’ health benefit...
10/24/2026

Renewing your business’s employee health plan requires a close look at both cost and coverage. Employers’ health benefit costs per employee are projected to increase by an average of 8.2% in 2027. Before choosing a plan, review enrollment, employee feedback and claims data with your benefits consultant to learn which benefits workers use and value. Compare options on the same basis, including deductibles, out-of-pocket costs and provider networks. Prescription drug benefits are among the fastest-growing costs, so pay particular attention to pharmacy coverage. Contact us for help assessing the financial impact of your choices and building your selected plan into next year’s budget.

Financial statements help owners and other stakeholders evaluate historical business performance. But trouble can develo...
10/23/2026

Financial statements help owners and other stakeholders evaluate historical business performance. But trouble can develop between reporting periods. So it’s critical to monitor operational changes for issues that could affect your financial interests. Unexpected turnover, delayed financial reports and unusual transactions may warrant a closer look. So can repeated borrowing, reliance on an owner’s personal credit or sales of equipment needed for operations. Individually, these developments may be explainable. Together, they could point to financial stress. Contact us to help identify potential risks and evaluate a business’s overall financial health.

Prost! 🍻 Last week our team traded spreadsheets for steins and celebrated Oktoberfest together. There was plenty of good...
10/20/2026

Prost! 🍻 Last week our team traded spreadsheets for steins and celebrated Oktoberfest together. There was plenty of good food, good company, and some friendly competition.

A big congratulations to Toni and John C., our stein-holding champions!

Danke to everyone who joined in!

Are you ready for your next financial statement audit? A well-planned audit is typically more efficient, less disruptive...
10/16/2026

Are you ready for your next financial statement audit? A well-planned audit is typically more efficient, less disruptive and easier to manage than one that relies on last-minute preparation. Before fieldwork starts, inform your auditor about significant business developments, resolve accounting questions, review last year’s adjustments and control recommendations, and organize supporting documentation. Complete records, clear responsibilities and prompt responses can help avoid delays and minimize surprises. Contact us to coordinate audit planning and address potential issues early.

Fall has officially arrived at our Great Neck office! 🍂Hay bales, pumpkins, and a few friendly scarecrows are welcoming ...
10/13/2026

Fall has officially arrived at our Great Neck office! 🍂

Hay bales, pumpkins, and a few friendly scarecrows are welcoming everyone to “our patch” this season. A big thank you to the team members who brought the harvest spirit to the office.

Happy fall from all of us at Sheehan & Company!

Address

165 Orinoco Drive
Brightwaters, NY
11718

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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